Digital Currency and Blockchain Weekly Round-Up – December 7th, 2018

G20 leaders reiterate commitment to regulate crypto assets

At the recently held G20 meeting in Buenos Aires, world leaders have reiterated their commitment to regulate crypto-assets. The G20 Leaders’ Summit ended on December 01 with a joint declaration on “Building consensus for fair and sustainable development.” The leaders pledged their support to build an open and resilient financial system in compliance with agreed international standards.

US lawmakers seek to prevent crypto price manipulation

Two U.S. congressmen from Florida and North Carolina have introduced bipartisan bills that aim to prevent cryptocurrency price manipulation. Congressman Darren Soto and Ted Budd have introduced the bills that direct the Commodity Futures Trading Commission (CFTC) and other financial regulators to make recommendations for how to improve the crypto regulatory environment for both consumers and businesses.

U.S. Department of Homeland Security interested in tracking privacy-focused cryptocurrencies

The U.S. Department of Homeland Security (DHS) is interested in applications of blockchain forensic analytics, a new pre-solicitation notice has revealed. The pre-solicitation notice has been published by the DHS Small Business Innovation Research Program.

U.S. Department of Homeland Security seeks anti-forgery blockchain solutions

The U.S. Department of Homeland Security (DHS) is interested in blockchain solutions that would enhance anti-forgery and counterfeiting capabilities for digital documentation. On these lines, the DHS Science and Technology Directorate (S&T) is seeking innovative solutions from blockchain startups through a new solicitation, “Preventing Forgery and Counterfeiting of Certificates and Licenses,” under S&T’s Silicon Valley Innovation Program (SVIP).

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Seven EU member states sign declaration to foster blockchain use

Seven southern EU member states have signed a declaration to foster the use of distributed ledger technology (DLT) beyond cryptocurrencies, The Financial Times reported. On Tuesday, the group, called the “Mediterranean seven,” comprising of France, Italy, Spain, Malta, Cyprus, Portugal and Spain, signed the declaration to promote DLT, which, the governments believe, can be a “game changer” to boost the efficiency of southern EU economies.

Japan’s Financial Services Agency plans new ICO regulations to protect investors

Japan’s Financial Services Agency (FSA) is going to implement new Initial Coin Offering (ICO) regulations in a bid to protect investor interests, Cointelegraph reported referring to a report from Jiji Press. Taking note of the growing number of fraudulent ICO cases overseas, the regulator is planning to limit individuals’ investment in ICOs to better protect them.

Swiss regulator FINMA publishes guidelines for relaxed FinTech Licence

The Swiss Financial Market Supervisory Authority FINMA on Monday published the guidelines for FinTech Licence, a licence introduced by the Swiss parliament with relaxed requirements. During its meeting on 30 November 2018, the Federal Council brought into force a corresponding amendment to the Banking Act to promote fintech innovation.

South Korean authorities consider cryptocurrency and ICO tax

Financial authorities in South Korea are considering imposing cryptocurrency tax, Finance Magnates reported referring local news reports. In response to a question by a member of South Korea’s Democratic Party, the country’s Minister of Economy and Finance, Hong Nam-ki, said that authorities are planning a cryptocurrency tax and are determining how to implement it.

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Thai Revenue Department taps blockchain technology to fight VAT refund fraud

Thailand’s Revenue Department is trialing blockchain technology to track value-added tax (VAT) payments, Bangkok Post reported. The test is being conducted in the department’s innovation lab. Director-general Ekniti Nitithanprapas said that the trial aims to prevent VAT refund fraud by using blockchain technology.

Malaysian central bank and securities regulator issue joint statement on crypto and ICO regulation

Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) today issued a joint statement on the regulation of digital assets in the country. The central bank and the SC said that the joint press release is aimed at providing clarity on the regulatory approach for the offering and trading of crypto assets in Malaysia.

Ripple, NEM, Cardano and Fetch.AI launch “blockchain for Europe” association

Four major names in the blockchain space have teamed up to establish a new association which represents blockchain originating organisations in Europe. EMURGO/Cardano, Fetch.AI, NEM and Ripple have come together to launch “Blockchain for Europe” association. They aim to create a “unified voice” for the blockchain industry at European level.

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